Peregrine Asset Advisers Inc. Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

Peregrine Asset Advisers Inc. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 26.5% during the second quarter, Holdings Channel.com reports. The firm owned 6,855 shares of the utilities provider’s stock after selling 2,470 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Consolidated Edison were worth $601,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. M Holdings Securities Inc. bought a new position in Consolidated Edison during the first quarter valued at approximately $1,611,000. NEXT Financial Group Inc increased its holdings in Consolidated Edison by 682.1% during the second quarter. NEXT Financial Group Inc now owns 23,266 shares of the utilities provider’s stock valued at $2,040,000 after buying an additional 20,291 shares during the last quarter. Fagan Associates Inc. purchased a new stake in Consolidated Edison during the second quarter valued at approximately $201,000. OLD National Bancorp IN increased its holdings in Consolidated Edison by 6.1% during the second quarter. OLD National Bancorp IN now owns 31,367 shares of the utilities provider’s stock valued at $2,750,000 after buying an additional 1,811 shares during the last quarter. Finally, NumerixS Investment Technologies Inc increased its holdings in Consolidated Edison by 22.2% during the first quarter. NumerixS Investment Technologies Inc now owns 9,800 shares of the utilities provider’s stock valued at $826,000 after buying an additional 1,781 shares during the last quarter. Institutional investors and hedge funds own 59.29% of the company’s stock.

Shares of NYSE ED traded down $1.33 during midday trading on Friday, reaching $86.91. The stock had a trading volume of 1,384,241 shares, compared to its average volume of 1,530,101. The stock has a 50-day moving average of $87.29 and a 200-day moving average of $85.39. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. The company has a market capitalization of $29.32 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 10.17 and a beta of 0.10. Consolidated Edison, Inc. has a 12-month low of $73.29 and a 12-month high of $90.51.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same period last year, the company earned $0.61 earnings per share. As a group, analysts forecast that Consolidated Edison, Inc. will post 4.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.74 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.41%. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

A number of analysts have commented on the stock. Bank of America raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and reduced their target price for the company from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Morgan Stanley reduced their target price on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. ValuEngine cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Credit Suisse Group reduced their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Finally, Barclays reaffirmed a “hold” rating and set a $90.00 target price on shares of Consolidated Edison in a report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $84.73.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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